CFI Financial Group has officially launched operations in South Africa, appointing Zihaad Israfil as CEO of its South African subsidiary. Israfil, with nearly two decades of experience in leadership, sales, and trading, is expected to spearhead the company’s growth and strengthen its presence in the region.
The expansion follows CFI’s acquisition of a Category 1 Financial Service Provider (FSP) license earlier this year from the Financial Sector Conduct Authority (FSCA), granting the firm the regulatory clearance to operate in South Africa through its subsidiary, CFI Financial (PTY) LTD.
“Our entry into South Africa marks a key milestone in our global growth strategy,” said Hisham Mansour, Co-Founder and Managing Director of CFI Financial Group. He praised Israfil’s leadership, adding, “His expertise in trading and leadership will ensure our success in this pivotal market.”
The company’s new office, located in Claremont, Cape Town, is designed to provide South African traders with advanced trading technology and access to a variety of financial products, supporting local market needs.
Expressing his enthusiasm for the role, Israfil stated, “I am honoured to lead CFI’s South African operations. The firm’s dedication to innovation and excellence aligns closely with the aspirations of South Africa’s financial community.”
Rapid Growth and Strong Q3 Performance
CFI’s expansion into South Africa comes amid a period of strong performance. In Q3 2024, the company reported a trading volume of $1.03 trillion, representing a 34.47% increase from Q2 and a 129.4% rise year-over-year. These figures reflect the firm’s efforts to meet increasing market demand.
The company also experienced significant growth in its client base. Funded accounts rose by 45.93% compared to Q2 and by 128.75% year-over-year. Additionally, active accounts increased by 28% over the quarter and 110% compared to the same period last year, driven by a focus on client acquisition and retention strategies.
With its strategic entry into South Africa, CFI aims to leverage the region’s growing financial market while further solidifying its global presence.
